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Raymond James Upgrades Tetra Technologies

Raymond James upgrades oil and gas services company Tetra Technologies (TTI) to outperform from market perform and has a $35 target.

Analyst J. Marshall Adkins says he expects improving market conditions, which he thinks will lead to increased earnings per share expectations and visibility over the next several quarters.

He says his recent checks and first-quarter management commentary suggest despite a weaker-than-expected market last year, Tetra has a much stronger and growing backlog for well abandonment and decommissioning for this year and next.

Adkins notes steady volumes and increased pricing for calcium chloride and bromine should drive steady increases in margins thru the remainder of 2005 and possibly 2006. He sees $1.45 2005 earnings per share, and raises his $1.85 2006 earnings per share estimate to $2.00.

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